Kestra Investment Management LLC Grows Position in Affiliated Managers Group, Inc. $AMG

Key Points

• Kestra Investment Management LLC increased its stake in Affiliated Managers Group by 55.7%, now owning 7,251 shares valued at approximately $1.22 million.
• Multiple hedge funds, including Envestnet Asset Management and Farther Finance Advisors, also boosted their holdings in Affiliated Managers Group, with 95.30% of its stock held by institutional investors.
• Affiliated Managers Group received several analyst upgrades, with Bank of America raising its price target significantly from $236.00 to $331.00 and the stock currently holds a consensus rating of Buy.

Kestra Investment Management LLC grew its stake in shares of Affiliated Managers Group, Inc. (NYSE:AMG - Free Report) by 55.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,251 shares of the asset manager's stock after buying an additional 2,595 shares during the period. Kestra Investment Management LLC's holdings in Affiliated Managers Group were worth $1,218,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Clarkston Capital Partners LLC raised its position in shares of Affiliated Managers Group by 0.8% during the first quarter. Clarkston Capital Partners LLC now owns 1,585,324 shares of the asset manager's stock worth $266,382,000 after purchasing an additional 13,135 shares during the period. Millennium Management LLC raised its position in shares of Affiliated Managers Group by 314.3% during the first quarter. Millennium Management LLC now owns 1,265,655 shares of the asset manager's stock worth $212,668,000 after purchasing an additional 960,158 shares during the period. LSV Asset Management raised its position in shares of Affiliated Managers Group by 10.4% during the first quarter. LSV Asset Management now owns 468,084 shares of the asset manager's stock worth $78,652,000 after purchasing an additional 44,090 shares during the period. Northern Trust Corp raised its position in Affiliated Managers Group by 10.2% in the 1st quarter. Northern Trust Corp now owns 385,292 shares of the asset manager's stock valued at $64,741,000 after buying an additional 35,681 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Affiliated Managers Group by 2.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 232,981 shares of the asset manager's stock valued at $39,149,000 after buying an additional 5,685 shares during the last quarter. Institutional investors and hedge funds own 95.30% of the company's stock.

Insider Activity

In other news, COO Thomas M. Wojcik sold 16,000 shares of the company's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $231.03, for a total transaction of $3,696,480.00. Following the transaction, the chief operating officer owned 158,710 shares of the company's stock, valued at $36,666,771.30. This represents a 9.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.20% of the stock is currently owned by insiders.

Affiliated Managers Group Price Performance

NYSE:AMG traded down $0.14 during trading hours on Friday, hitting $235.82. The company's stock had a trading volume of 206,428 shares, compared to its average volume of 170,353. The stock has a fifty day simple moving average of $217.10 and a 200-day simple moving average of $187.83. The company has a market capitalization of $6.70 billion, a P/E ratio of 17.21, a PEG ratio of 0.62 and a beta of 1.19. Affiliated Managers Group, Inc. has a twelve month low of $139.22 and a twelve month high of $238.29.

Affiliated Managers Group (NYSE:AMG - Get Free Report) last posted its earnings results on Thursday, July 31st. The asset manager reported $5.39 EPS for the quarter, beating the consensus estimate of $5.26 by $0.13. Affiliated Managers Group had a return on equity of 16.11% and a net margin of 21.79%.The firm had revenue of $493.20 million during the quarter, compared to the consensus estimate of $506.46 million. During the same period last year, the company earned $4.67 earnings per share. The business's quarterly revenue was down 1.4% on a year-over-year basis. On average, equities analysts predict that Affiliated Managers Group, Inc. will post 22.86 EPS for the current fiscal year.

Affiliated Managers Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 25th. Investors of record on Monday, August 11th were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.04 annualized dividend and a dividend yield of 0.0%. Affiliated Managers Group's payout ratio is presently 0.29%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AMG. The Goldman Sachs Group raised Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their target price for the company from $197.00 to $218.00 in a research report on Friday, June 27th. Barrington Research reaffirmed an "outperform" rating and set a $200.00 price target on shares of Affiliated Managers Group in a research report on Tuesday, July 29th. Bank of America upgraded Affiliated Managers Group from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $236.00 to $331.00 in a research note on Tuesday, September 2nd. Cowen upgraded Affiliated Managers Group from a "hold" rating to a "buy" rating in a research note on Monday, August 4th. Finally, Zacks Research raised Affiliated Managers Group from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat, Affiliated Managers Group presently has an average rating of "Buy" and an average price target of $242.40.

Affiliated Managers Group Profile

Affiliated Managers Group, Inc, through its affiliates, operates as an investment management company providing investment management services to mutual funds, institutional clients,retails and high net worth individuals in the United States. It provides advisory or sub-advisory services to mutual funds.